2023-03-31-accounts

Southcity Resource and Development Centre

Statement of Financial Activities

Year ended 31 March 2023

Year ended 31 March 2023
			2023		2022
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	–	–	–	1,496
Charitable activities	5	45,670	384,553	430,223	387,977
Other income	6	9,625	–	9,625	4,990
		────────	─────────	─────────	─────────
Total income		55,295	384,553	439,848	394,463
		════════	═════════	═════════	═════════
Expenditure
Expenditure on charitable activities	7,8	27,894	413,768	441,662	401,378
		────────	─────────	─────────	─────────
Total expenditure		27,894	413,768	441,662	401,378
		════════	═════════	═════════	═════════
		────────	─────────	─────────	─────────
Net expenditure and net movement	in
funds		27,401	(29,215)	(1,814)	(6,915)
		════════	═════════	═════════	═════════
Reconciliation of funds
Total funds brought forward		218,452	(79,004)	139,448	146,363
		─────────	─────────	─────────	─────────
Total funds carried forward		245,853	(108,219)	137,634	139,448
		═════════	═════════	═════════	═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 18 form part of these financial statements.

Page 9

Southcity Resource and Development Centre

Statement of Financial Position

31 March 2023

31 March 2023
		2023		2022
	Note	£	£	£
Fixed assets
Tangible fixed assets	13		38,719	42,731
Current assets
Debtors	14	13,538		10,585
Cash at bank and in hand		119,865		132,761
		─────────		─────────
		133,403		143,346
Creditors: amounts falling due within one year	15	19,786		29,047
		─────────		─────────
Net current assets			113,617	114,299
			─────────	─────────
Total assets less current liabilities			152,336	157,030
Creditors: amounts falling due after more than
one year	16		14,702	17,582
			─────────	─────────
Net assets			137,634	139,448
			═════════	═════════
Funds of the charity
Restricted funds			(108,219)	(79,004)
Unrestricted funds			245,853	218,452
			─────────	─────────
Total charity funds	20		137,634 ═════════	139,448 ═════════

These financial statements were approved by the board of trustees and authorised for issue on 19 January 2024, and are signed on behalf of the board by:

Freda Conville Trustee

The notes on pages 10 to 18 form part of these financial statements.

Page 10

Southcity Resource and Development Centre

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is Newburn Hall, 2 Maldon Street, Belfast, BT12 6HE.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Page 11

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift,

• receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor

• part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

All fixed assets are initially recorded at cost.

Page 12

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 4% straight line Motor vehicles - 20% straight line Equipment - 20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Page 13

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Financial instruments (continued)

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Grants
Government grant income	–	–	1,496	1,496
	════	════	═══════	═══════

Page 14

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

5. Charitable activities

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Belfast City Council - Social Supermarket Fund	–	7,746	7,746
Belfast City Council - Capacity Building	45,670	–	45,670
Belfast City Council - Summer Scheme	–	–	–
Belfast City Council - Christmas Festival	–	106,423	106,423
St. Simons	–	18,000	18,000
Covid-19	–	–	–
Belfast City Council - Voucher Scheme	–	88,423	88,423
NIH&SSEB	–	9,817	9,817
Early Years	–	3,367	3,367
Department for Communities	–	167,183	167,183
Advice Consortium	–	62,062	62,062
Advice NI	–	3,000	3,000
Advice NI - Salaries	–	28,322	28,322
	────────	─────────	─────────
	45,670	494,343	540,013
	════════	═════════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Belfast City Council - Social Supermarket Fund	–	–	–
Belfast City Council - Capacity Building	42,200	–	42,200
Belfast City Council - Summer Scheme	–	1,961	1,961
Belfast City Council - Christmas Festival	–	101,467	101,467
St. Simons	–	18,000	18,000
Covid-19	–	34,630	34,630
Belfast City Council - Voucher Scheme	–	45,297	45,297
NIH&SSEB	–	5,707	5,707
Early Years	–	–	–
Department for Communities	–	159,680	159,680
Advice Consortium	–	74,562	74,562
Advice NI	–	2,400	2,400
Advice NI - Salaries	–	–	–
	────────	─────────	─────────
	42,200	443,704	485,904
	════════	═════════	═════════

6. Other income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Minibus donations	7,470	7,470	1,465	1,465
Room Hire	1,955	1,955	1,725	1,725
Donations	200	200	1,800	1,800
	───────	───────	───────	───────
	9,625	9,625	4,990	4,990
	═══════	═══════	═══════	═══════

Page 15

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

7. Expenditure on charitable activities by fund type

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		£	£	£
	Charitable activities	27,894	413,768	441,662
		════════	═════════	═════════
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
	Charitable activities	13,467	387,911	401,378
		════════	═════════	═════════
8.	Expenditure on charitable activities by activity type
		Activities
		undertaken	Total funds	Total fund
		directly	2023	2022
		£	£	£
	Charitable activities	441,662	441,662	401,378
		═════════	═════════	═════════
9.	Net expenditure
	Net expenditure is stated after charging/(crediting):
			2023	2022
			£	£
	Depreciation of tangible fixed assets		4,012	4,012
			═══════	═══════
10.	Independent examination fees
			2023	2022
			£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements		3,674	3,674
			═══════	═══════
11.	Staff costs

The total staff costs and employee benefits for the reporting period are analysed as	The total staff costs and employee benefits for the reporting period are analysed as	follows:
	2023	2022
	£	£
Wages and salaries	254,469	240,339
Social security costs	6,612	5,679
Employer contributions to pension plans	13,643	11,074
	─────────	─────────
	274,724 ═════════	257,092 ═════════

The average head count of employees during the year was 11 (2022: 11).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

Page 16

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

12. Trustee remuneration and expenses

No trustees received remuneration or other benefits through employment with the charity.

13. Tangible fixed assets

		Land and	Motor
		buildings	vehicles	Equipment	Total
		£	£	£	£
	Cost
	At 1 April 2022 and 31 March 2023	127,065	28,402	23,284	178,751
		═════════	════════	════════	═════════
	Depreciation
	At 1 April 2022	85,590	28,402	22,028	136,020
	Charge for the year	3,600	–	412	4,012
		─────────	────────	────────	─────────
	At 31 March 2023	89,190	28,402	22,440	140,032
		═════════	════════	════════	═════════
	Carrying amount
	At 31 March 2023	37,875	–	844	38,719
		═════════	════════	════════	═════════
	At 31 March 2022	41,475	–	1,256	42,731
		═════════	════════	════════	═════════
14.	Debtors
				2023	2022
				£	£
	Grant debtors			10,610	7,656
	Other debtors			2,928	2,929
				────────	────────
				13,538	10,585
				════════	════════
15.	Creditors: amounts falling due within one year
				2023	2022
				£	£
	Accruals and deferred income			17,091	26,352
	Social security and other taxes			182	182
	Other creditors			2,513	2,513
				────────	────────
				19,786	29,047
				════════	════════
16.	Creditors: amounts falling due after more than one		year
				2023	2022
				£	£
	Accruals and deferred income			14,702	17,582
				════════	════════

Page 17

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

17. Deferred income

	2023	2022
	£	£
At 1 April 2022	17,582	20,462
Amount released to income	(2,880)	(2,880)
	────────	────────
At 31 March 2023	14,702 ════════	17,582 ════════

18. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £13,643 (2022: £11,074).

19. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2023	2022
	£	£
Recognised in creditors:
Deferred government grants due after more than one year	14,702	17,582
	════════	════════
Recognised in income from donations and legacies:
Government grants income	–	1,496
	════	═══════

20. Analysis of charitable funds

Unrestricted funds

					At
		At			31 March 20
	1	April 2022	Income	Expenditure	23
		£	£	£	£
Unrestricted Funds		218,452	55,295	(27,894)	245,853
		═════════	════════	════════	═════════
					At
		At			31 March 202
	1	April 2021	Income	Expenditure	2
		£	£	£	£
Unrestricted Funds		183,233	48,686	(13,467)	218,452
		═════════	════════	════════	═════════

Page 18

Southcity Resource and Development Centre

Notes to the Financial Statements (continued)

Year ended 31 March 2023

20. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
					At
		At			31 March 20
	1	April 2022	Income	Expenditure	23
		£	£	£	£
Restricted Funds		(79,004)	384,553	(413,768)	(108,219)
		════════	═════════	═════════	═════════
					At
		At			31 March 202
	1	April 2021	Income	Expenditure	2
		£	£	£	£
Restricted Funds		(36,870)	345,777	(387,911)	(79,004)
		════════	═════════	═════════	════════

21. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	38,719	–	38,719
Current assets	133,403	–	133,403
Creditors less than 1 year	(19,786)	–	(19,786)
Creditors greater than 1 year	–	(14,702)	(14,702)
	─────────	────────	─────────
Net assets	152,336	(14,702)	137,634
	═════════	════════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	42,732	–	42,732
Current assets	143,346	–	143,346
Creditors less than 1 year	(29,047)	–	(29,047)
Creditors greater than 1 year	–	(17,582)	(17,582)
	─────────	────────	─────────
Net assets	157,031	(17,582)	139,449
	═════════	════════	═════════

Page 19

Southcity Resource and Development Centre

Management Information

Year ended 31 March 2023

The following pages do not form part of the financial statements.

Page 20

Southcity Resource and Development Centre

Detailed Statement of Financial Activities

Year ended 31 March 2023

Year ended 31 March 2023
	2023	2022
	£	£
Income and endowments
Donations and legacies
Government grant income	–	1,496
	────	───────
Charitable activities
Belfast City Council - Social Supermarket Fund	7,746	–
Belfast City Council - Capacity Building	45,670	42,200
Belfast City Council - Summer Scheme	–	1,961
Belfast City Council - Christmas Festival	–	3,540
St. Simons	18,000	18,000
Covid-19	–	34,630
Belfast City Council - Voucher Scheme	88,423	45,297
NIH&SSEB	6,450	5,707
Early Years	3,367	–
Department for Communities	167,183	159,680
Advice Consortium	62,062	74,562
Advice NI	3,000	2,400
Advice NI - Salaries	28,322	–
	─────────	─────────
	430,223	387,977
	─────────	─────────
Other income
Minibus donations	7,470	1,465
Room Hire	1,955	1,725
Donations	200	1,800
	───────	───────
	9,625	4,990
	───────	───────
	─────────	─────────
Total income	439,848	394,463
	═════════	═════════

Page 21

Southcity Resource and Development Centre

Detailed Statement of Financial Activities (continued)

Year ended 31 March 2023

Year ended 31 March 2023
	2023	2022
	£	£
Expenditure
Expenditure on charitable activities
Wages and salaries	254,469	240,339
Employer's NIC	6,612	5,679
Pension costs	13,643	11,074
Rent	17,492	12,450
Repairs and maintenance	7,195	1,645
Insurance	3,582	3,368
Other establishment	9,637	25,308
Motor vehicle expenses	650	910
Other motor/travel costs	6,979	4,263
Legal and professional fees	2,227	1,348
Telephone	7,050	6,377
Other office costs	2,750	4,491
Amortisation	(2,880)	(2,880)
Depreciation	4,012	4,012
Interest on bank loans and overdrafts	537	1,005
IT costs and equipment	–	262
Training courses / tutor costs	3,922	3,889
Advertising	–	100
Support costs	2,163	–
Resources, materials and excursions	4,092	–
General expenses	103	–
Accountancy fees	3,674	5,095
Christmas Festival	2,532	5,810
Support Costs	991	–
DFC Projects	–	5,310
Good Relations Event	–	60
Belfast City Council Voucher Support	89,624	60,087
Services	606	1,376
	─────────	─────────
	441,662	401,378
	─────────	─────────
	─────────	─────────
Total expenditure	441,662	401,378
	═════════	═════════
	─────────	─────────
Net expenditure	(1,814)	(6,915)
	═════════	═════════

Page 22

Southcity Resource and Development Centre

Notes to the Detailed Statement of Financial Activities

Year ended 31 March 2023

Year ended 31 March 2023
	2023	2022
	£	£
Expenditure on charitable activities
Charitable activities
Activities undertaken directly
Wages and salaries	254,469	240,339
Employer's NIC	6,612	5,679
Pension costs	13,643	11,074
Premises costs	17,492	12,450
Repairs & maintenance	7,195	1,645
Insurance	3,582	3,368
Covid-19	9,637	25,308
Direct charitable activity 1 - motor vehicle expenses	650	910
Travel and transport	6,979	4,263
Legal and professional fees	2,227	1,348
Telephone and internet	7,050	6,377
Office costs	2,750	4,491
Capital grant release	(2,880)	(2,880)
Depreciation	4,012	4,012
Bank interest and charges	537	1,005
IT costs and equipment	–	262
Training courses / tutor costs	3,922	3,889
Advertising	–	100
Support costs	2,163	–
Resources, materials and excursions	4,092	–
General expenses	103	–
Accountancy fees	3,674	5,095
Christmas Festival	2,532	5,810
Support Costs	991	–
DFC Projects	–	5,310
Good Relations Event	–	60
Belfast City Council Voucher Support	89,624	60,087
Services	606	1,376
	─────────	─────────
	441,662	401,378
	─────────	─────────
	─────────	─────────
Expenditure on charitable activities	441,662	401,378
	═════════	═════════